Debt ceiling negotiations are locked on a classic problem that has vexed, divided and disrupted Washington before: Republicans led by House Speaker Kevin McCarthy want to roll back federal government spending, while President Joe Biden and other Democrats do not.
Time is short to strike a deal before a deadline as soon as June 1, when the Treasury says the government risks running out of cash to pay its bills. Negotiators are expected to convene Wednesday for another round of talks as frustration mounts. The political standoff is edging the country closer to a crisis, roiling financial markets and threatening the global economy.
